Dec 12, 2010

PTPP to seal new contract Rp16.5 trillion

PT Pembangunan Perumahan Tbk (PTPP) recently held an analyst meeting. Take away from the meeting as written on a note issued by Mandiri Sekuritas:
During full year of 2010, new contract is targeted to reach Rp8.7 trillion. New contract obtained by November 30 2010 reached Rp5.3 trillion (60.3% of target). Revenue in 2010 is expected to reach Rp4.6 trillion, generating net income of Rp201 billion.
In 2011, new contract is targeted to reach Rp16.5 trillion, which is 30% from investment, 30% from government's projects, 21% related with SOE, 10% from private company, and 9% from EPC projects.
Pembangunan Perumahan expects to reach Rp8.4 trillion revenue in 2011 and net income to reach Rp325 billion.
The company is shifting strategy to investment with participation in infrastructure projects, particularly in power plant, toll roads (Depok-Antasari), and ports. The strategy is to create construction business opportunities and maintain steady revenue stream.
PTPP is planning to spin-off its property and developer division (residential, hotel, commercial center, and office) under PT PP Realty in 2011 and such subsidiary is expected to conduct an IPO in 2012.
Disclosure: No position at the stock mentioned above.

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